Amazon.com Inc has roped in HAX, an accelerator in the hardware space and Kickstarter, a crowdfunding enabler to help such startups with an attractive mentorship program that should be immensely useful. But the lucky one will have to accept the challenge and apply for this program and the selection of the winner to be eligible for the benefits will be announced in January 2018. This is part of the US giant’s Amazon Launchpad initiative to support startups.
The Startup C-Cube is the challenge and competition that will pit the applicants against each other and the one that has the best workable idea will get chosen. The only basic requirements are that the product has to be a software based hardware; reached a prototype stage that can be demonstrated and the company must have received at least series A funding. The three organizations will take turns lending their support at different stages, within this program, which includes financial support also, to the extent of $500, 000.
The brief outline of this program is as follows:
Once selected, the startup will be under the charge of HAX for a 3-month workshop cum acceleration program at its base in Shenzhen, China and will be exposed to over 50 international mentors. Following this, the venture will receive a $375, 000 infusion of funding and will participate in a boot camp in San Francisco, which is termed a ‘go-to-market’ program.
Kickstarter will then take over the second stage of the incubation and in this stage, the team from Kickstarter will work with the startup’s team in bringing them up to date on the crowd funding platform, the way to go about it, promotion and public relations aspects involved. They will also bring their 13 million backers into the equation so that the startup will benefit from this source.
Lastly, Amazon Launchpad will enter the scene and offer assistance with the product gaining visibility in the market and depending on the nature of the product, Amazon can help is access international markets for selling its products.
“We have witnessed tremendous success with Amazon Launchpad on a global scale and are delighted to see the positive reception in India. This is an opportunity for Indian Start-ups to get access to big consumer markets nationally and internationally. There is a booming entrepreneurial culture in India and through Amazon Launchpad, we hope to augment this in the Indian youth and contribute to the India story,” Sateesh Srinivasan, Director and Global head of Amazon Launchpad said.
The three organizations will jointly constitute a panel to evaluate the applicants and choose the winner. A good product can hope to find immediate access to markets in the US and Europe, besides meeting the domestic demand.